Investment properties have become a popular option for those that want to earn income monthly. Purchasing one of these properties is far different in terms of the lending process when compared to your primary residence. In most cases an investment property will require a far higher percentage of a property’s value will be required as a down payment. The best aspect of all of this is that property management can turn this income into a passive stream. You will not have to do anything like find renters or chase a tenant down for rent. The fees for these companies are far more reasonable than many people think. Below are tips to spruce up your investment property in order to maximize income made on an annual basis.
New Durable Appliances
Appliances can make a huge difference to a renter as a proficient cook might only want an apartment that has a gas stove. You do not want to have to purchase new appliances annually so make sure you opt for a quality brand known to last. You have to view the rental from the eyes of the renter as a few upgrades can allow you to increase the rental price. Investment properties require maintenance as well so hire a property management company or take these on yourself if you are handy.
Refinish the Bathrooms
Bathrooms can be extremely expensive to renovate due to the complications that plumbing creates. Bathtub refinishing not only can make the bathroom look like new but also will help you save money. You can do the counters of the bathroom as well. Renters want to feel like they are moving into a recently updated rental rather than one that looks old and worn.
There are going to be some renters that are on the fence between multiple properties. The small details count so make sure the landscaping around the rental is high-quality. You do not want to give a renter a reason not to rent the property. Invest some money in plants and make sure the grass is cut in a neat manner. Landscaping services are usually quite affordable so take time to look up quality companies in your area.
Make Sure Pictures Online of the Property are Quality
Today’s world is full of technology with many people doing a bulk of their apartment hunting online. The best thing that can be done is to have people see the property in person but this is not always possible. Taking the right pictures of the property before listing it on the market as a rental is important. Video tours can also do the trick especially in today’s world with social distancing being a priority. You want the pictures to accentuate the positive features of the rental.
Getting the most out of your investment properties should be the main priority. There are some people that also use their rentals during certain times of the year. If you have an investment property it is imperative that you maintain it in a way that appeals to most renters.